Kraken’s Proof of Reserves Audit Now Supports $XRP and $ADA

On Thursday (August 11), crypto exchange Kraken released the results of its “second 2022 Proof of Reserves audit”, which has been expanded to include seven digital assets.

These seven cryptoassets are $BTC, $ETH, $USDT, $USDC, $XRP, $ADA, and $DOT.

According to Kraken’s blog post, “a Proof of Reserve audit is a trail-blazing accounting procedure that cryptographically verifies cryptocurrency holdings and account balances,” and the results of the most recent audit were “once again verified by top-25 global accounting firm, Armanino LLP.”  

This audit verified that Kraken “securely held” user funds — held in the above seven digital assets — whether on the exchange or held in its (on-chain and off-chain) staking services.

In Kraken’s February 2022 Proof of Reserves Audit, Kraken verified the balance of its clients’ $BTC and $ETH holdings. Kraken says that by support the aforementioned seven digital assets, it has expanded the verification of “client balance coverage” to “63% of the total assets held on Kraken.”

According to Coin Metrics Co-Founder Nic Carter’s Proof of Reserves “Wall of Fame”, the only crypto exchange which has had any Proof of Reserves (PoR) audits completed in 2022 is Kraken: